DoubleLine Portfolio Manager Eric Dhall and Fixed Income Allocation Strategist Ryan Kimmel recap a mixed performance for markets in November, with the S&P 500 ticking up slightly despite a rough run for tech stocks. But that same sector experienced a bit of a bounce back amid a risk revival in the first week of December (2:20), which also included a strong rate rally on the front end of the interest rate curve heading into a likely Fed cut next week (3:30), a healthy run for commodities (5:22) and more volatility for Bitcoin (6:05). Over in Macro Land (9:26), the week’s prints included a split picture on ISM PMI manufacturing and services data, a soft ADP labor print (10:38) and a consumer sentiment report that underscores an optimism gap between survey responses and hard data (13:39). Next week (16:50), the FOMC will hold its final meeting of 2025, with futures markets forecasting a 95% chance for another rate cut.
Subscribe to the Minutes podcast on:
iTunes | Spotify
Follow us on X
Comments and suggestions should be directed to Minutes@doubleline.com
Mr. Dhall joined DoubleLine in 2013. He is a Portfolio Manager on the Macro-Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Prior to DoubleLine, he worked at Capital Group performing quantitative analysis in fixed income. Prior to Capital Group, Mr. Dhall was an instructor in finance at the UCLA Anderson School of Management and a research instructor at the UCLA Samueli School of Engineering. Previous to that, he worked in International Finance at Gulf Machinery Company. Mr. Dhall holds a B.S. in Physics with a secondary emphasis in Business from the University of California, Berkeley and an M.S. in Financial Engineering from the UCLA Anderson School of Management.
Mr. Kimmel joined DoubleLine in 2013. He is an Analyst on the Macro Asset Allocation team. Mr. Kimmel is also a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on our Global Asset Allocation Committee. Prior to DoubleLine, Mr. Kimmel was a Proprietary Trader at Gelber Group, trading currencies for the Foreign Currency Group. Prior to that, he was an Investment Banking Analyst in Morgan Stanley’s Mergers and Acquisitions Group. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and holds an MBA from the Anderson School of Management at UCLA.
